Multiple choice

An auction sale is complete on the

  1. delivery of goods

  2. payment of price

  3. fall of hammer

  4. none of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

At an auction sale, the contract is complete when the auctioneer announces the completion of the sale by the fall of the hammer or in customary manner. This is the moment of acceptance of the bid and formation of the contract. Delivery and payment are subsequent steps, not the completion moment.

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